What does the vote to divorce the European Union mean for Florida's residential home market?
"British Corner" tries to give you some more information about the US market. However, we must admit that we do not have a crystal ball. Therefore, we can not accurately predict what the future holds. But we can try to narrow it in. The main question is: What are the implications of this step? Will it make home buying in Florida more complicated?
We don't think so. Fact is that the number of home buyers from the UK remained strong during the last years. Home buyers from the UK had many reasons to continue buying property in Florida. One reason may be the fear that the British currency will take a hit, but many home buyers bought a property simply because they want to spend time in Florida, enjoy their sunburn, and maybe rent out their home occasionally to get rich.
Where do the British Nationals Buy Property in the Sunshine State?
The Atlantic Coast is pricier than the Gulf Coast. Miami, Fort Lauderdale, and Palm Beach are driving the property prices up into the stratosphere in that area. However, one can not say that the prices for homes along the Gulf Coast are in general lower. There are certain spots, like Naples, Bonita, St. Petersburg and the barrier islands, where the prices are going through the roof as well. The last hurricane did affect the prices in Naples somewhat, but it will recover. People will forget what happened.
Central Florida is a choice for many because of the favorable flight connection to and from London. However, for beach lovers, central Florida is far away from the beautiful beaches the Gulf Coast has to offer. People who like the warm Gulf water and palms swaying in the breeze, do not go to central Florida. Ocala is the place where the horses roam, and Orlando is home to Micky Mouse and his ilks. However, although Orlando is easy to reach, which is a big plus for some home buyers, the Gulf Coast is nevertheless attracting many people.
The Gulf Coast is in our opinion the best option for beach, golf, and culture. We are perhaps biased, but we are of European descent and have been loving this area for now almost 20 years. Sarasota is Florida’s cultural capital on the West Coast. The Sarasota/Bradenton area combines beautiful beaches with a wealth of cultural activities. Some Airways offering direct flights to Sarasota. Tampa International Airport would probably be the best bet, Fort Meyers is also only 90 minutes away. Orlando is another option with just a two-hour drive to Sarasota.
Single Family Home or Condominium
The type of property is also critical for certain areas. Single-family homes and villas in gated communities are a very attractive option. They offer privacy and security paired with a wealth of lifestyle amenities. Condominiums are common in urbanized areas like Downtown Sarasota.
Waterfront properties are always in demand. Many people want to be close to the water, no matter if it is a lake, canal, or the beach. Gulf view is a prime location and nothing can beat that view. But canal or river view with boat dock comes next, and lake or pond view is still preferable for many buyers who do not have such deep pockets.
While security and social options offered by gated communities will appeal to some, there are also plenty of choices for the home buyers, who do want to live outside of a gate. They usually prefer houses on larger lots some even on an acre or more.
Do you need Rental Income?
If you want to lease the home while you are abroad, you need to factor in some other thoughts. Proximity to a golf course and the beach are a must. A home with a pool is also easier to rent.